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On his website, he rolls down expectations that passive income is simple money, stating:"Earning any sort of income online takes a lot of hard work, a great deal of patience and a little bit of luck, too. "In the end, Trzeciak set up an online marketing solutions business, PixelRush. "We decided it is something which we are going to need to put as a long-term goal and focus on a business model which allows us to generate income in a more traditional sense. "The'myth' of passive incomeTo a few folks, the term"passive income" has almost become synonymous with an income which you can earn without any effort.Deanne Carter, national sales manager of JDL Plans, has been to countless financial seminars and coached hundreds of men and women in investment and wealth plans.

But what they don't tell people is that in order to perform that you truly need to do some work." "The entire idea of a four-hour work week which sounds marvellous. The people who do have that kind of lifestyle there is a lot of work they've done in the background to get them to that position. "Carter thinks it's an effort most people are not prepared to put in.She says that hankering for a"magic bullet" often arises when people believe they should be farther ahead financially.The danger is that they can put their hope in get-rich-quick approaches, or kid themselves that passive income flows are"set and forget" and don't require any effort to maintain.Lacey Filipich, 33, knows what it's like to live the passive income dream.

In 2001, at the age of 19, instead of buying a car, she used her savings to buy a two-bedroom unit in the Brisbane suburb of Taringa. She lived there for 2 years while she completed her university studies and allowed the second bedroom to another student. "At university, folks thought I was crazy, but it worked out cheaper than renting a room for me," she says.Within four years, the unit was putting money into her pocket and the equity provided a stepping stone to other property investments. "Having had that one quite good start early in life has made a major difference to me in terms of being able to generate more passive income from rental properties," she says.Her brand new venture, Money School, involves teaching others how to follow in her footsteps and she also plans to direct money into shares in future to secure income flows from dividends.While it's useful source become easier as she has accelerated along the learning curve, she acknowledges there is work involved. "You do need to become something of an expert about real estate in your area and what prices are doing," she says.

 

 

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You need to commit a fair bit of time. "She's developed a"short fuse" for underperforming agents when there's a vacancy or when a tenant isn't taking care of their property. "That's probably been the greatest learning: that if you let that fester, you are giving away a great deal of your earnings. "Filipich has found ways to reduce tax-time demands.

Now, she has another bank account for each property. At tax time, she downloads the transactions and a spreadsheet totals everything. "I just go through and assess it. "Jennifer Elliott is the founder and chief executive of Integrity and Values, a leadership coaching company. She has created another kind of passive income via her business, but is scathing of the idea that individuals can quickly tap into an online passive income flow.

To really create it is not easy," she says. "When you set a product online, you've got to get a very clear method of how you will drive visitors to it. "Her own passive income stream comes from a completely validated psychometric tool which measures integrity and leadership, which she put online in 2000.

 

 

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The online tool evolved from a tried and tested paper version.Nor did it come at a low cost. "I have spent $500,000 to get it to where it's," she says.This year, she has been transforming her novel, The Power of Focus, a goal-setting guide that has already sold 15,000 copies, into an online application.

What forced me to do it was that I sold from books," she states. However, she adds, it's a project that has taken the entire year.She likely sums up the effective path to passive income best when she states:"It's about monetising what you do well already. "Loading.

 

 

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In February 2007, Pat Flynn was working in an architecture firm making $38,000 annually. He mulled boosting his earning power by getting an architecture license, but the process would probably take six to eight years. When he heard about getting a credential in sustainable design and environmentally friendly building called Leadership in Energy and Environmental Design (LEED), he chose to really go for that, as no one in his department had it.

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